March 01, 2011
By: Jana Bell
Homeowners in two Richmond, Kentucky, neighborhoods could enjoy lower property insurance rates due to improved ratings for the area's volunteer fire departments.
The Richmond Register reported the White Hall Volunteer Fire Department and Union City Fire Department received better grades on a reevaluation by the Insurance Service Office. The office issues ISO ratings, which score communities based on their risk for a fire. After the review, both departments saw their ratings drop from a 9 to a 6-9, meaning that homes within 1,000 feet of a fire hydrant now score a 6 while homes further than that remain a 9.
The ISO rating directly correlates with homeowners insurance premiums, and fire officials said many local families could now enjoy lower rates.
"This will benefit a lot of people with their insurance ratings," Fire Chief Jim Cox told the paper. "I can't say enough about how much we appreciate the volunteers' work."
The ISO Rating Service was developed to give insurance companies access to a manageable and comprehensive assessment of insurance risk. Many companies make use of the ratings to manage their rates and minimize loss.
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